Dear Australian Prudential Regulation Authority,
Objective #7 related to fund registration in the Explanatory Memorandum for the Superannuation Safety Amendment Bill 2003 is:
"(7) ensure that APRA is provided with sufficient information about the particular risks associated with defined benefit funds, and provide APRA with tools to address those risks in a timely manner."
Sufficient information starts with the founding Trust Deed that established a particular Defined Benefit fund. If no amending power has been reserved in the founding Trust Deed then the provisions of the fund can only be amended by an Act of Parliament or a Court Order.
If an amending power has been reserved in the founding Trust Deed then copies of all amending Deeds should also have been provided to APRA.
The founding Trust Deed and all amending Deeds must be read as "one legal document".
A consolidation amending Deed or an administrative consolidation does not replace the "one legal document" test. All Deeds must be available to be read as "one legal document".
APRA has already confirmed (APRA Ref: 12/002924) that a copy of the founding Trust Deed made on 23 December 1913 in the State of South Australia was not provided to APRA before fund registration number R1004830 was granted by Tony Randle on 20 April 2006.
On 20 January 2014, the Trust Estate (assets) of this Defined Benefit fund were transferred to PFS Nominees Pty Ltd, a subsidiary company of the National Australia Bank. On 1 July 2016, the assets were transferred to NULIS Nominees (Aust) Ltd another NAB subsidiary company.
The documents I seek are:
- (i) copies of any correspondence from PFS Nominees Pty Ltd or from NULIS Nominees (Aust) Ltd confirming that a copy of the 1913 Trust Deed was later provided to APRA;
-(ii) a copy of a Court Order re-instating the terms of the 1913 Trust Deed if this deed had been lost or accidentally destroyed provided by either of these trustees to APRA;
-(iii) a copy of the 1913 Trust Deed if this had been later provided to APRA.
Dear Mr Sweeney,
I acknowledge receipt of your FOI request dated 30 May 2021. We are processing your request and will respond soon.
T 02 9210 3000 | E [APRA request email]
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY
1 Martin Place (Level 12), Sydney, NSW 2000 GPO Box 9836, Sydney, NSW 2001 T 02 9210 3000 | W www.apra.gov.au